When Should You Transfer an Old 401K to Your New Job

Changing jobs can bring positive changes, which often include higher pay and an improved benefits package. It can also deliver a realm of uncertainty about what to do with an existing 401K at your previous employer. There are a number of options which include, taking the old retirement plan to

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How to Transfer an Old 401K to an IRA

Deciding what to do with your company retirement account is an important decision because of the potential tax implications. Choosing to take the distribution will lead to taxation as if you earned the income, and potentially a 10% penalty if you are under 59 ½ and do not meet a

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How to Save Money on Back-to-School Clothes Shopping

Households will spend an estimated 27 billion dollars on back-to-school shopping in 2017, according to a recent Deloitte survey, with clothing at the top of many shopping lists. Children want to make a good impression with new clothes, which can take a bite out of the budget. It is also

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Top 5 Ways to Save Money on Back-to-School Shopping

Back-to-school shopping is the second busiest time of year for retailers, who offer enticing sales on items such as electronics, clothing, paper, pens and other school supplies. Families dole out an average of $500 per child preparing for the upcoming year, which often leads to overspending. Here are five ways

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The Prohibitive Cost of Poor Credit

FICO introduced the credit score in 1898 as a measure to help lenders manage loan risk and evaluate consumer applications. Today, credit scores are a tool used by organizations across the globe, well beyond the scope of getting a loan. Good credit grants you access to the lowest rates and

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Common Credit Mistakes Which Lower Your Score

The majority of businesses rely on the FICO credit score to evaluate applications. Keeping a high score is an important part of your financial health, which means avoiding common mistakes, which can dramatically reduce your rating. Here are the top three credit mistakes consumers make and the potential impact to

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What You Need to Know About the New MyRA Accounts

The myRA began in 2015 when the US Treasury Department set out to encourage those without company sponsored plans to begin saving. With nearly half of Americans nearing retirement with no savings, they are vulnerable to an underfunded retirement. Access to a 401Ks or other employer sponsored account gives you

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Understanding Non-401K Employer Retirement Plans

Employee access to retirement plans often depends on the size of the company you work for, along with the type of employer. The most popular retirement plan among private employers is the 401K. Other plans include 403B, 457, and TSP or Thrift Savings Plans. All the above retirement options have

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Valuable Tax Breaks on 401K Contributions

Company sponsored retirement plans have some distinct advantages over other savings programs. A few of the key benefits include company matching dollars, no income limit on contributions, and higher maximum deposits than comparable options. Those over 50 may contribute up to $24,000, with other workers capping out at $18,000 per

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How 401K Plans Make Saving for Retirement Easy

The prospect of having to save enough money to pay for twenty plus years in retirement can be overwhelming. Most understand that the earlier you start, the fewer dollars you must invest, due to a longer time horizon. Yet, despite all of the statistical data supporting the need to fund

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How to Save Money on Your Next Vacation

Saving money on vacation can help you remain on budget while enjoying time away from work. If you find you have not saved enough for the holiday you want, there are ways to adjust vacation plans, allowing you to save enough money to pay cash for your upcoming trip. Choose

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Best Ways to Save for Your Summer Vacation

With summer just around the corner, you realize you have not set aside enough money to cover the cost of a summer vacation. Besides scheduling your holiday later in the summer, giving you more time to save, here are five ways to save money fast. Create a spending plan. With

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Household Debt Changes the Face of Home Ownership

In 2008, total household debt peaked at 12.9 trillion dollars. Balances began falling from the all-time high in the third quarter of 2008 due to the recession, which led to stricter borrowing criteria from lenders and a significant increase in charge-offs. Consumers defaulted on both homes and unsecured debt payments,

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College Graduates Slowing the Pace of Loan Repayment

At the end of 2016, college students carried a total of 1.6 trillion dollars in student loan debt, which rose over 170% in the last decade. With college tuition rising faster than inflation and states reducing funding for education to meet budgetary restraints, college students have increasingly turned to loans

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Important Changes in Credit Bureau Reporting

Last month the CFPB (Consumer Financial Protection Bureau) issued a report addressing concerns on reporting practices from the three major credit bureaus. The problems centered around current standards to ensure accurate information found in public records. The CFPB looks for the credit bureaus to find ways to ensure increased accuracy

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Three Ways to Pay for An Advanced Degree

Rapidly advancing technology requires more employees to gain additional education and update job skills. With advanced degrees costing between $30,000 and $120,000, finding ways to pay for additional schooling becomes an important consideration. Here are three ways to pay for the additional training you need. Find free money. Financial aid

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What You Need to Know About 401K Loans

Borrowing money from yourself can seem like a clever idea when there are cash flow needs your income cannot meet. With the average balance on 401Ks below $100,000, such a move could have lasting effects on retirement income. There are many advantages to 401K loans which include the following: Most

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Top Ways Gardening Can Cost You More Than You Save

Gardening can end up costing more than you would spend at the grocery store or farmers market, or it can be an effective way to save money on rising food costs. Avoiding common gardening mistakes that increase costs and reduce savings is the key to a successful garden. Mistake #1:

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Tips on Reducing Food Costs Through Gardening

Gardening can lower the amount required to spend on food while increasing the quality of the meals you serve. There are many ways to garden, regardless of your living circumstances, from pot and patio gardens, raised beds, or a traditional in the ground plot in your yard. The process of

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Creative Ways to Add Income in Retirement

Building a stable income during your retirement years can require locating creative income streams to bridge the gap between traditional income sources and cash flow requirements. Creating income from a variety of places can lead to stronger financial stability and can make up for underfunded retirement accounts. A few ways

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3 Potential Income Streams in Retirement

Paying for retirement typically requires pulling money from different sources to replace working income. For most families, this can come from several different places including the government, personal savings, and your job. Government income, in the form of Social Security, can begin as early as 62 and as late as

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Top Three Mistakes Baby Boomers Make with Credit

Baby Boomers nearing or entering retirement begin to think less about maintaining good credit which can lead to mistakes, which lower your credit score and ultimately cost you more money. Today, more companies use credit to evaluate applications, which can range from a loan decision, deposit requirements for utilities or

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Student Loan Debt Not Just a Problem for The Young

Most of the attention on the 1.2 trillion-dollar student loan debt crisis falls on Millennials and the impact their high balances have on other life events such as buying a home or starting a family. However, the fastest growing segment of student loans are among those 60 and over, which

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Guide to College Savings Plans

With the average cost of an in-state four-year degree nearing $100,000 and a private education often triple that, many families are wondering how best to prepare for the eventual cost of attending college without burdening children with heavy student loan debt. Fortunately, there are several tax-advantaged programs available to pay

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Small Budget Cuts Lead to Big Savings

Finding ways to save does not always require large and painful cuts. Often you find the biggest savings by reducing small expenses. Recognizing low-value spending and trading it for high-value needs can reduce debt, increase savings, and lead to greater focus on the things that matter most. Low-value spending includes

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Three Top Ways to Cut Your Transportation Budget

The Average family spends nearly 20% of the family budget on transportation. Auto-dependent families living in the suburbs see that number increase to 25% of the overall budget, with the cost of getting around coming in just behind housing costs in the average budget. Trimming these costs can lead to

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Rethinking Your Grocery Budget

According to the USDA Center for Nutrition, the average family of four spends between $150 and $300 per week on food. That amounts to a budget of $600 to $1200 each month for groceries. The wide range in spending makes it possible to cut your grocery bill in half if

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5 Ways to Lower the Cost of Eating Out

The restaurant experience is a form of entertainment that can easily add several hundred dollars to the monthly budget. There are creative ways to save money on the cost of a restaurant meal, giving you the experience without the high price tag. Put it in the budget. Rather than having

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Creative Ways to Reduce Your Power Bill

Power bills are typically the highest utility costs in a budget. The bill changes based on weather and other circumstances beyond your control. Besides changing to energy efficient lighting, using a programmable thermostat, and sealing the home for leaks, here are four less frequently thought of ways to reduce your

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Top Three Obstacles When Saving for Retirement (And What to Do About It)

You know you should save money for retirement starting as early in your career as possible. Before you know it, the weeks slip into years, and you are 40 or 50, with barely a resemblance of a retirement plan. Here are the top three obstacles that stand in the way

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Why Fees Matter When It Comes to Retirement Savings

Paying fees on investments does not seem like much in the scope of retirement. However, most retirement accounts go underfunded, and millions of families struggle to pay bills each week. Reducing the total cost of retirement investments can help you reach goals faster, without taking more money out of your

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